According to Goldman-Sachs, China will overtake the US as world’s largest economy by 2027. This is not considering the possible revaluation of the currency (RMB) which, if it happens, will accelerate the process.

Jim O’Neill, the author of this prediction, forecasts China growth in 2010 at 11.9%

HSBC has decided to move its CEO from London to Hong Kong

Asia has great diversity and vitality

India and China have 100 million more middle class per year

Many western firms fail in Asia because conditions are different:

The cultural barrier

Guanxi which describes the basic dynamic in personalized networks of influence, is a central idea in Chinese society

The need for local partners, time factor, rituals, trust and hierarchy

Need to be persistent, patient, observe local customs

Need to treat elder people with respect

Never cause anyone to lose face, importance of rituals e.g. how to accept a business card